Data released moments ago by the US Bureau of Economic Analysis showed a rise in US personal income by $5.69 billion in June, an increase of 0.3%. The PCE personal consumption expenditures index, the preferred indicator for measuring inflation for the US Federal Reserve, rose by 0.2% on a monthly basis from 0.3%, in contrast.

The main index excluding food and energy prices increased by 0.2% compared to 0.1%. The annualized index slowed to 3.0% in June, compared to 3.8% in May, below expectations for a 3.2% increase. The main index, excluding food and energy prices, slowed to 4.1%, compared to 4.6% in May.